Nonsense and Spin from the MSM.
Last week, the day after the no-confidence vote, the Greek government ministers agreed on some changes to the Austerity package that they would like to make so that they have some chance of getting it through parliament. Hurrah! "Greek Cabinet Agree on Austerity Package" declared the headlines. Cue small blip in EUR/USD.
Yesterday the new Greek Finance Minister takes these proposed changes to Brussels, and is told, frankly, to piss off home and pass the austerity measures 'As-is' then, and only then, will he get the money
Yesterday this was spun as 'Greece and EU reach agreement on bailout deal' and the HFT bots ramped the S&P by 20 points.
So in essence, nothing has changed. Greece tried to get some better terms but went home with exactly the same unpopular package that they now have to somehow ram through parliament. IF they can do that, then the money referred to in this article will be paid. Which was the situation this time last week.